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Probability
~A measure of chance
P(E) = 1 or 100%
Theoretical Probability
P(E) =
Favorable Outcome
Total Outcomes
Mutually Exclusive
Two events that cannot occur at the same time
Nonmutually Exclusive
Two events that can occur at the same time
Independent Events
When one event occurs and does NOT affect the other events probability of occurrence
Dependent Events
When one event occurs and DOES affect the other events probability of occurrence
Conditional Probability
P( A and B)
Indicates the intersection of two sample spaces (two events occurring)
P( A or B)
Indicates the union of two sample spaces (two events occurring)
P(not A) = 1 P(A)